SurveysAug 29, 2022
Here’s the Latest Government Data on Jewelry SalesSurveysOct 05, 2022
U.S. Jewelry, Watch Sales Slow in August
Plus, what economists are saying about consumer spending and a possible recession.
A pair of one-of-a-kind 18-karat rose gold earrings set with rubellite tourmalines, pink sapphires and diamonds by Sevun (price available upon request). U.S. watch and jewelry sales were up only 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales growth slowed year-over-year in August, government data shows, with numbers still paling in comparison to the highs of last year.
Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
Related stories will be right here …
Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
In the National Retail Federation’s October review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation, highlighting the headwinds and weighing the possibility of a recession.
“The economic situation in the United States is unsettling,” said Kleinhenz. “Consumer confidence is down, consumer spending’s rate of growth has slowed, and economists and consumers alike are worried about the possibility of a recession, all reflecting persistently high inflation and rising interest rates.”
While the spending growth rate has slowed, there is still growth.
Consumer spending was better than expected in August with the U.S. Census Bureau reporting overall retail sales growth of 0.3 percent month-over-month and 9 percent year-over-year.
“Year-over-year increases in retail sales have been mostly in the upper single digits since spring, not as dramatic as the double-digit numbers seen most of last year into early 2022 but still healthy,” he said.
The battle against inflation is a tricky one. Higher prices impact consumer confidence, but the Federal Reserve’s main tool in fighting inflation is raising the interest rate, which is another blow to consumer confidence.
“Consumers have become cautious – but they have not stopped spending,” Kleinhenz said. “Growth is not as high as last year, but households continue to spend each month as more jobs, wage growth and savings backstop their finances and help them confront higher prices.”
As for a recession, the possibility is seeming more likely, he said. Gross domestic product has declined for two consecutive quarters, which does typically, though not by the official definition, indicate a recession.
The Blue Chip Economic Indicators panel of business economists, which includes Kleinhenz, does predict GDP growth ahead in the third and fourth quarters of the year.
However, in a September survey, fewer economists on the panel believe the Federal Reserve can rein in inflation without causing a recession (38 percent this month versus 51 percent in August), but 95 percent believe a recession would likely be mild.
Around 42 percent of the panel said they expect a recession this year while 54 percent said it would begin in 2023.
More on Surveys
The Latest
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
